Give full play to the multiplier effect of energy investment

Energy investment should focus on green and low-carbon transformation, promote the optimization and upgrading of industrial structure through vigorously developing low-carbon and clean energy, and better play the role of energy investment in driving economic growth. At the same time, from the perspective of ensuring energy security, it is necessary to optimize the traditional fossil energy mix.

Recently, the State Council officially issued the "Notice on Printing and Distributing a Package of Policy Measures to Stabilize the Economy", requiring the orderly release of high-quality coal production capacity under the premise of ensuring safe, clean and efficient utilization, and stepping up the implementation of a number of energy projects to improve the reserve capacity of coal, crude oil and other energy resources. At present, the international situation is complex and changeable, and the pressure on domestic growth is not small, if we can make full use of the multiplier effect of energy investment, it will have a far-reaching impact on steady economic growth, ensuring national energy security, and shaping new advantages in global competition.

Energy investment generally includes investment in the development of energy resources, investment in energy production projects, and investment in the construction of energy network facilities. In the short to medium term, energy projects usually have a large investment volume and a large number of workers, which can directly drive regional economic growth. At the same time, energy investment also has strong positive externalities. Due to the long industrial chain of the energy industry and the ability to gather and integrate resources, energy investment can leverage investment in related industries, drive the redevelopment of the manufacturing industry, form industrial agglomeration, and effectively form new economic growth points. In addition, the energy industry can also provide energy and raw materials for other industries, which is a key factor influencing the sustainable development of other industries.

For example, as an energy infrastructure, pumped storage power stations have the characteristics of large investment scale and strong industrial driving force, which can drive social investment, the overall development of upstream and downstream industries, provide all kinds of jobs, and also drive the development of local commerce and tourism, with comprehensive benefits with one stone. Data show that during the "13th Five-Year Plan" period, the State Grid Corporation alone completed the construction of pumped storage investment of 70 billion yuan, driving social investment of more than 150 billion yuan, the overall investment scale of upstream and downstream industries is close to 230 billion yuan, providing 100,000 jobs of various types, which has played an important role in stimulating investment and driving the development of the industrial chain.

The long-term effects of energy investment deserve more attention. Throughout the history of energy development, every reconstruction of the energy system has unleashed a huge force to promote economic efficiency and effectively promote economic growth. In the 19th century, the replacement of wood with coal triggered the first industrial revolution, and Britain was the first country to complete the transformation, becoming the most developed country in the world at that time. In the 20th century, the substitution of oil for coal triggered the second industrial revolution, and with the help of this energy transition, the United States was greatly strengthened. Both energy revolutions have reshaped the world order and greatly contributed to the leapfrog development of productive forces.

At present, the replacement of traditional fossil energy by new energy is expected to trigger a new round of industrial revolution. In order to occupy the commanding heights in the new historical opportunity, China urgently needs to increase investment in emerging energy industries, create a modern energy system that can reshape the country's competitive advantage and support high-quality economic development, and develop a new green and low-carbon industrial model on this basis, drive the high-quality development of upstream and downstream industries, take advantage of the development opportunities of a new round of energy reform to narrow the gap with developed countries, and promote economic growth with greater spillover effects.

Energy investment should focus on green and low-carbon transition. On the one hand, it is necessary to start from improving the quality of energy supply, increase investment in new energy, renewable and clean energy and their supporting facilities, including wind and solar bases, intelligent power transmission and transformation facilities, ultra-high voltage power grids, pumped storage power stations, new energy storage facilities, etc. By vigorously developing low-carbon and clean energy, we will promote the optimization and upgrading of China's energy industry structure, and better play the role of energy investment in driving economic growth. On the other hand, it is necessary to optimize the traditional fossil energy mix from the perspective of ensuring energy security. Focus on the clean and efficient use of coal, implement energy-saving and carbon-reduction transformation of coal-fired power, strengthen the increase of reserves and production of transitional energy such as oil and natural gas, and promote energy-saving and carbon-reduction transformation of petrochemical, steel and other industries.

The above green energy investment will provide a considerable investment impetus for China's economic growth in the next few decades. According to an analysis by the Energy Foundation China, direct investment in China's carbon neutrality could reach 140 trillion yuan by 2050, and the actual investment potential will be much greater if linked investments are taken into account.

Of course, in order to realize the above investment potential, it is necessary to accelerate the market-oriented reform of the energy sector. The energy and power industry has the characteristics of natural monopoly, and compared with the industry with a high degree of marketization, China's energy and power industry is not full of vitality and the overall efficiency is too low. It is necessary to take advantage of the opportunity of a new round of energy transformation to build a unified national energy market, solve the problems of blockages and pain points, lower the market access threshold, orderly liberalize energy prices, break the market monopoly, restore the commodity attributes of energy, and promote the circulation of energy market elements. Let the electricity price mechanism play an effective role in market competition, and can fully reflect the cost of resources, environmental costs and social costs, as well as changes in market supply and demand, and release market space for new energy investment.

Large-scale funding for energy investment is another hurdle. It is necessary to innovate energy investment and financing mechanisms, increase government financial support for green and low-carbon energy transformation, establish corresponding incentive mechanisms, investment policies and preferential tax policies for the development of the energy industry, and encourage private capital and foreign capital to actively participate in energy investment. Design highly targeted structured financial products for the new energy industry, increase the support of green bonds and green credit for new energy projects, accelerate the inclusion of new energy projects in the scope of pilot support for infrastructure real estate investment trusts (REITs), and convert more commercial capital into industrial capital.

As a global leader in high-end energy equipment solutions, Sany Petroleum will always adhere to the service concept of "customer-centric, heart-moving customers", accurately focus on the challenges and pressures that customers are concerned about, provide competitive solutions, and strive to provide high-quality equipment and the best service for global users by continuously optimizing the internal product realization process and refining organizational efficiency.